Guarantees of origin specify the energy source from which electricity is produced. They serve to enable users of electricity to support the production of energy with renewable sources within the definition of the EU directive 2009/28/EC.

Landsvirkjun is involved in various social projects and follows a policy of providing grants to good causes. The company has supported a number of causes, including various charities, cultural and educational projects and sports and leisure activities.

Landsvirkjun has erected it's first wind turbine in an area known as "Hafið" near Búrfell Power Station. Thanks to rapid technological development wind energy is fast becoming a viable option when it comes to environmentally friendly power.

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Consolidated Financial Statements 2013

Profit before unrealised financial items increased by 17.5% from the previous year

Electric power sales increased by 416 GWh between years and have never been higher

Due to lower aluminium prices the loss of the year amounted to USD 38.5 million

Key figures from the consolidated financial statements

Operating revenues amounted to USD 422.9 million which is an increase of 3.7% compared to the previous year.

EBITDA amounted to USD 329.1 million which is an increase of 2.4% compared to the previous year. EBITDA ratio is 77.8% of turnover, compared to 78.8% in the previous year.

Profit before unrealised financial items amounted to USD 121.8 million, compared to USD 103.7 million in the previous year, or an increase of 17.5% between years.

Cash flow from operations amounted to USD 258.5 million which is an increase of 9.4% compared to the previous year.

Investing activities amounted to USD 149.5 million. Cash flow from operations less investing activities thus amounted to USD 109.0 million which was allocated to reduce debt and to pay out a dividend to owners.

The loss of the year amounted to USD 38.5 million.

Hordur Arnarson, the CEO:

"In the year 2013, Landsvirkjun's energy generation and sales reached new highs in the company's history with 13,186 GWh sold, an increase by 416 GWh from the previous year. The operation was successful and for the most part incident-free. Operating revenues, EBITDA and profit before unrealised financial items increased during the year.

Despite the positive results of electric power sales in a difficult market environment there was a loss on Landsvirkjun's operation last year. The reason for the loss can be traced to the decrease in world market aluminium prices, which among others is reflected in the significant decrease in the carrying amount of embedded derivatives, on which the company can have limited effects."